Kinross Gold (K) Q4 2024 earnings summary

Executive summary

• Achieved record free cash flow of $1.34 billion in 2024, more than doubling year-over-year, and fully repaid a $1 billion term loan by early 2025.

• Met or exceeded 2024 production guidance with 2.13 million gold equivalent ounces and strong operational performance at Tasiast and Paracatu.

• Advanced key projects including Great Bear, Bald Mountain Redbird, and Round Mountain Phase X, with significant resource additions at Great Bear and Curlew.

• Maintained quarterly dividend and signaled intent to reinstate a share buyback program in 2025, pending cash flow and gold price stability.

• Strengthened sustainability and governance, achieving top industry rankings and progressing on emissions reduction targets.

Financial highlights

• Revenue rose 21% year-over-year to $5.15 billion in 2024, with a higher average realized gold price of $2,393/oz.

• Attributable production cost of sales per equivalent ounce sold was $1,021 in 2024; all-in sustaining cost was $1,388.

• Net earnings attributable to common shareholders were $948.8 million ($0.77/share); adjusted net earnings were $838.3 million ($0.68/share).

• Operating cash flow reached $2.45 billion; attributable free cash flow set a record at $1.34 billion.

• Ended 2024 with $612 million in cash and $2.3 billion in total liquidity.

Outlook and guidance

• 2025 production guidance reaffirmed at 2 million gold equivalent ounces (±5%), with stable production expected through 2027.

• 2025 cost of sales guided at $1,120/oz and all-in sustaining cost at $1,500/oz, reflecting inflation and sales mix.

• Attributable capital expenditures for 2025 projected at $1.15 billion, with $615 million non-sustaining.

• Exploration and business development spending guided at $200 million, focused on brownfields and greenfields.

• Effective tax rate for 2025 expected at 32–37% on adjusted net earnings.